FHA FHA Appraisal Report Writing & Standards

Question 1

Which form is the standard report form required for FHA single-family appraisals of one-unit properties?

Accepted Answer

Fannie Mae Form 1004 (URAR)

Answer

The Uniform Residential Appraisal Report (URAR), Fannie Mae Form 1004, is the standard form required for FHA single-family one-unit property appraisals.

Question 2

Under USPAP, an FHA appraisal report must contain a signed certification. Which of the following is a required certification statement?

Accepted Answer

The appraiser has performed an impartial and unbiased analysis

Answer

USPAP requires a certification that the appraiser has performed an impartial and unbiased analysis, free from undisclosed conflicts of interest.

Question 3

When an FHA appraiser uses the sales comparison approach, what is the maximum age of comparable sales typically acceptable under HUD guidelines?

Accepted Answer

6 months

Answer

HUD guidelines generally require that comparable sales used in an FHA appraisal be no older than 12 months, though 6 months is preferred and older comps require justification.

Question 4

What is the primary purpose of the 'subject' photographs required in an FHA appraisal report?

Accepted Answer

To document the property's condition and support the appraiser's observations and conclusions

Answer

Required photographs of the subject property document its physical condition and serve as visual support for the appraiser's observations and value conclusions.

Question 5

In an FHA appraisal report, what must an appraiser disclose if they have appraised the subject property within the prior three years?

Accepted Answer

The prior service must be disclosed in the certification

Answer

USPAP requires appraisers to disclose prior services performed on the subject property within three years in the certification of the appraisal report.

(FHA) Federal Housing Administration Appraiser Certification Practice Test

(FHA) Federal Housing Administration Appraiser Certification Practice Test

FHA FHA Appraisal Report Writing & Standards